China is winning the race on cryptocurrency tech patents, despite having banned ICOs
Chinese firms own more cryptocurrency patents than any other country in the world, despite initial coin offerings (ICOs) and cryptocurrency exchanges being banned there.
China owns more than a quarter of the 437 granted and pending cryptocurrency patents currently in existence, according to data released today by Cipher and venture capital firm Beringea.
Significantly, the state-owned Bank of China owns more crypto patents than any other organisation globally, with 56 patents granted and pending as part of its Digital Currency Research unit.
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Korea's Coinplug comes in second place with 18 patents, while Bank of America has just 13 patents in cryptocurrencies, 11 of which have been granted.
Payments providers are also in the top ten, with Mastercard and Paypal holding six patents each and Visa owning five.
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The volume of crypto patents worldwide has dramatically increased in recent years, from just 33 in 2012 to 437 in 2018.
Despite being ahead of the pack in terms of fintech, the only UK company to make the global top ten was Nchain, a British firm often associated with original bitcoin creator Satoshi Nakamoto.
Cipher's chief executive Nigel Swycher said while cryptocurrency is only in its infancy, "our data reveals companies large and small, and in all parts of the planet, are taking this very seriously indeed".